Nifty slumps in a terrifying session.

*Review & Preview @4PM —— Tuesday, November 12th 2024*

NIFTY (-258, 23883)
Sensex (-821, 78675)
Bank Nifty (-719, 51158)

# Nifty slumps in a terrifying session.

# The pessimism was such that there was absolutely no place to run and no place to hide and it looked as if the sky was falling.

# All sectoral indices end on an ugly note as massive profit booking kicks-in. Nifty PSE (-2.51%) Nifty PSU Bank (-2.15%) Nifty Auto (-2.24%)

# Sentimental Overview:

1) FII exodus has crossed Rs 22,000 crore this November.

2) Also, blame the pessimism on:

a) Increased skepticism about Corporate India’s Q2 earnings disappointment.

b) Traders also brace for Maharashtra Assembly polls which will be held in a single phase on November 20. Jharkhand polls will be held in two phases on November 13 and 20th.

Counting of votes for the two states will take place on November 23.

# Buzzing stocks:

1) Hyundai Motor India, the country’s No.2 carmaker by market share, reported a 16.5% decline in quarterly profit due to lower domestic sales and as Red Sea disruptions hurt exports, its first earnings report since listing. Hyundai, which makes the ‘Creta’ SUV, said its standalone profit dropped to Rs 1,338 crore ($158.6 million) in the second quarter ended Sept. 30, from Rs 1,602 crore a year earlier.

2) Uno Minda surged over 6.5% following a robust Q2FY25 earnings report, showing solid growth in both net profit and revenue. For Q2FY25, Uno Minda’s consolidated net profit climbed 23 percent quarter-on-quarter and 15 percent year-on-year to Rs 245.2 crore, while revenue from operations grew 11 percent QoQ and 17 percent YoY, reaching Rs 4,244.8 crore.

# Technical Overview:

Technically speaking, Nifty faltered on any intraday strength. The rebound pan out to be a ‘Dead Cat Bounce’!

Strictly speaking, ‘Dead Cat Bounce’ is a temporary price recovery following losses, that is followed by more losses.

Immediate downside risk on Nifty is placed at its 200 DMA at 23534 mark; aggressive downside targets are at Nifty’s psychological 23000 mark.

The fear index, India VIX, which gauges the volatility in the Indian stock markets, is consolidating at 14.74 points.

# Underperforming Nifty Sectors:
Nifty PSE (-2.51%)
Nifty PSU BANKS (-2.15%)
Nifty AUTO (-2.24%)
Nifty FMCG (-1.71%)
Nifty METALS (-1.70%)

# Bulls of the day:
TRENT (+0.42%)
SUNPHARMA (+0.13%)
HCLTECH (+0.06%)
INFY (+0.05%)

# Bears of the day:
BRITANNIA (-7.30%)
BEL (-3.49%)
NTPC (-3.12%)
ASIANPAINTS (-2.86%)
HDFCBANK (-2.68%)
(Source NSSEINDIA.com)

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